21st Century Fox Sees Decrease In Earnings Despite 15% Revenue Increase
Gains at 21st Century Fox's cable networks were "offset by declines" in its movie, broadcast and direct-broadcast satellite businesses during its second fiscal quarter, according to Jon Lafayette of BROADCASTING CABLE. Net income fell 50% to $1.2B, or 53 cents a share, from $2.4B, or $1.01 a share a year ago, "as expenses associated with acquisitions and consolidations added red ink." 21st Century Fox's cable network programming group's operating income rose 2% to $1.04B. Profit growth "was held down by a 22% increase in expenses as the company launched new channels including Fox Sports 1, FXX and Star Sports in India." Revenues were up 14% to $3B. Domestic affiliate growth "was up 15%, led by gains at the regional sports networks and FX" (BROADCASTING CABLE, 2/6).